Nifty Spot Weekly Profile (19th to 23rd Sep 2022)
17327 [ 17919 / 17291 ]
Previous week’s report ended with this ‘The weekly profile is yet again a Neutral Extreme one to the downside with completely higher Value at 17868-17940-18084 but the close has been in am imbalance so can expect the same to continue towards the weekly FA of 17484 & the 30th Aug buying tail from 17460 to 17370 below which the 29th Aug VPOC of 17309 & the weekly buying tail from 17267 to 17166 could come into play whereas on the upside, the extension handles of 17642 & 17771 will be the important references to watch out for’
- Monday – As expected, Nifty continued the downside probe breaking below the weekly FA of 17484 & taking support in the 30th Aug buying tail as it made a low of 17429 and left an initiative buying tail till 17545 forming a ‘p’ shape short covering profile for the day as it negated the first extension handle of 17642 & closed right at the prominent POC of 17621
- Tuesday – The auction not only opened with a gap up of almost 150 points but left another A period buying tail from 17821 to 17744 in the process negating the higher extension handle of 17771 also as it trended higher for the first half of the day but made similar highs exaclty around the 15th Sep VPOC of 17919 and this inability to take out previous week’s prominent POC of 17940 indicated that the upside was getting exhausted here triggering a late liquidation break down to 17780 into the close
- Wednesday – More confirmation of the PLR (Path of Least Resistance) turning down came in form of a small A period selling tail from 17820 to 17838 well below Tuesday’s POC of 17866 and negation of previous day’s buying tail as Nifty went on to make a low of 17663 forming a Normal Variation Day down with completely lower Value
- Thursday – saw another lower open with the auction breaking below Monday’s prominent VPOC of 17621 and even made multiple REs lower to hit 17532 where it tested the initiative buying singles of this week & gave a quick short covering bounce even making a RE to the upside in the J period where it hit 17722 but could not sustain and closed as a Neutral Centre Day around the dPOC of 17636
- Friday – Sellers asserted complete control with an Open Test Drive away from the yPOC and leaving a long A period selling tail from 17642 to 17497 (which was also previous week’s low) and went on to form a Trend Day Down as it made new lows for the week and went on to tag the 29th Aug VPOC of 17309 while making a low of 17291
The weekly profile is once again a Neutral Extreme one to the downside with completely lower Value at 17538-17622-17850 along with a close in imbalance and has the higher time frame buying singles of 17267 to 17166 as the zone to watch in the coming session(s) which if taken out opens up more downside.
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Weekly Hypos for Nifty (Spot):
A) Nifty needs a drive above 17384 for a probe to 17452 / 17498 / 17569 / 17622 / 17689 / 17722 / 17765 / 17807 / 17866
B) Accepting below 17313 could lead to a test of 17267 / 17216 / 17166 / 17093 / 17018 / 16963 / 16914 / 16869 / 16812
NF (Weekly Profile) – 17335 [ 17943 / 17291 ]
NF continued last Friday’s imbalance close as it opened the week with a probe lower but left an A period buying tail from 17572 to 17456 on Monday forming a ‘p’ shape profile with a prominent POC at 17632 negating the extension handle of 17654 and made a gap up open on Tuesday where it trended higher for the first half and went on to tag the weekly POC of 17920 but could not sustain above it and left a SOC (Scene Of Crime) at 17915 triggering a big liquidation drop down to 17803 into the close and continued this probe lower with a Normal Variation Down Day on Wednesday with a close at the dPOC of 17734. Thursday again saw the sellers making multiple REs lower as the auction tested Monday’s buying singles while making a low of 17542 and saw some demand coming back leading to a short covering bounce and a RE to the upside but found aggressive supply coming back just below yVWAP of 17757 who then controlled the rest of the week forming a Trend Day Down on Friday with a huge range of 347 points as NF made a low of 17291.
The weekly profile is once again a Neutral Extreme one to the downside with completely lower Value at 17536-17628-17872 which has closed in an imbalance which is likely to continue in the coming session(s) if the tail of 17320 to 17291 at the lows is negated whereas on the upside, Friday’s VWAP of 17431 will be the immediate reference to watch.
BankNifty Spot Weekly Profile (19th to 23rd Sep 2022)
39546 [ 41677 / 39412 ]
Previous week’s report ended with this ‘The weekly profile is an elongated one of 1551 points but a Neutral Centre one with completely higher Value at 40512-40776-41316 with a FA at the lows of 40289 which has completed the 1 ATR objective of 41634 and may continue to fill up this zone between 41287 to 40289 in the coming week with the VPOC of 39804 being the reference on the downside if 40289 is taken out where as on the upside, 41521 & 41742 would be the levels to watch out for above 41287’
- Monday – BankNifty opened the week with a Normal Day and remained largely in last Friday’s range of 41162 to 40502 as it made a low of 40509 in the A period & left an initiative buying tail along with a very large IB of 643 points but the look up above PDH was met with rejection resulting in a probe back to the prominent weekly POC of 40776 into the close
- Tuesday -saw a higher open and another A period buying tail from 41422 to 41207 as the auction scaled above the first upside level of 41521 after which it made a good RE (Range Extension) in the G period hitting new highs for the week at 41677 but could not extend further indicating that the selling tail of previous week from 41742 to 41840 was a strong one and this led to another liquidation move into the close back to 41400
- Wednesday – Sellers made a strong open with a move away from Tuesday’s POC of 41487 leaving the first A period selling tail of the week from 41413 to 41501 along with a downside RE where it swiped through Monday’s Value completing the 80% Rule while making a low of 40889 and gave a short covering bounce back to 41330 but left a PBH at the weekly VAH of 41316 before closing the day at 41203
- Thursday – resumed the downside probe with another A period selling tail from 41051 to 41159 & a trending move lower for the first half of the day as BankNifty made new lows for the week at 40360 testing previous week’s buying tail and giving another big short covering bounce back to 40930 before closing the day at 40630
- Friday – The auction not only made a hat-trick of lower opens but confirmed an ORR (Open Rejection Reverse) getting rejected from Thursday’s Value to leave a long initiative selling tail from 39980 to 40528 and went on to hit the weekly VPOC of 39804 in the IB itself and even made multiple REs lower to hit 39412 before closing the day around the dPOC of 39540 leaving a scary looking long liquidation ‘b’ shape profile
The weekly profile is a Neutral Extreme one to the downside with a gigantic range of 2265 points which remained in previous week’s range for the first 4 days forming a nice balance before moving away with the help of an extension handle at 40360 to complete the 80% Rule in the weekly balance of 05th to 09th Sep and has closed in an imbalance indicating that it could continue lower in the coming week. The Value for this week was overlapping on both sides at 40488-41016-41544
Click here to view this week’s MarketProfile charts in BankNifty with respect to the previous week on MPLite
Weekly Hypos for BankNifty (Spot):
A) to be updated…
B) to be updated…
BNF (Weekly Profile) – 39642 [ 41724 / 39477 ]
BNF started the week with a long initiative buying tail as it made higher highs of 41267 & 41724 on the first 2 days of the week but stalled just below the 15th Sep initiative tail of 41855 to 41751 as sellers came back aggresively triggering a huge trending move down for the rest of the week as the auction fell by 2247 points to swiping through the weekly balance from 05th to 09th Sep on Friday where it made a low of 39477 taking support just above the buying singles of 39441 to 39340 from 07th Sep closing the week with a big long liquidation ‘b’ shape profile. The weekly profile is a Neutral Extreme one to the downside with overlapping Value at 40568-41096-41616 with a close in an imbalance which can be expected to continue at the start of the new week.